Industrial development for sale

Shanklin PO37

01273 767576

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Industrial development

0 bed

0 bath

1,200 sq ft / 111 sq m

Property description & features

Tenure: Freehold
INVESTMENT FOR SALE
NET INITIAL YIELD 7.98%
INCOME £82,250 pa exc
TWO PERSONAL GAURANTORS & SIX MONTHS RENT DEPOSIT
BAR,RESTAURANT,COVERED AND OPEN SUN TERRACES AND 8 LETTING ROOMS
SELF CONTAINED GROUND FLOOR ONE BEDROOM WITH GARDEN
LET ON FRI TERMS

The Waterfront Inn trades all year and is licensed as a pub/restaurant/hotel until 3am 365 days a year. There are 80 inside covers in the bar and dining room while the extensive sun terrace can seat approximately 120, with 30 of these being under the canopy. The top terrace can be enclosed and heated to facilitate all year round use and comfort. Entrance from the Esplanade via steps through the sun terrace, glazed doors lead into the bar/ restaurant area. Ladies and Gents WC’s to the rear. There are eight first floor guest rooms, seven doubles and a twin room, all with en suites. The front three rooms benefit from amazing panoramic sea views. Owner’s accommodation includes one bedroom, en suite, a living room, an office,, conservatory and garden. To the rear of the property there is a private parking area used by the owners and their staff (parking for approx. five cars), a storage and utility area with staff facilities and access to the beer cellar.

Situated on Shanklin’s award winning seafront with spectacular sea views is this well-kept bar, restaurant and hotel. Shanklin is located to the East of the island with a population of circa 9,000 (census 2011).The town boasts one of the busiest esplanades on the island supported by many restaurants, bars and leisure facilities. The main town of Shanklin itself offers great retail shopping, pharmacies, cafes, churches and is on a main bus route with easy links to other island hotspots such as Ryde, Newport, Sandown and Ventnor.

Investment for sale £975,000. The business has a very high turnover and net profit. Turnover has steadily increased year after year. The property is let on a 15 year lease from January 2018, current rent payable is £82,250 pa. With this lease are 2 personal guarantors and a rent deposit of 6 months. The tenants are 60 years experience between them in the catering industry and have been exemplary tenants with all rent payments being on time or early throughout the lease term.

The accommodation comprises the following areas:

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Eightfold Property - Commercial

35 Providence Place Brighton BN1 4GE

01273 767576

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With a wide range of clients, ranging from tenants looking to assign leases to institutional property investment companies and local authorities, we are able to assist in the letting of all types of commercial property thanks to our wealth of experience in the field. This includes retail, office, leisure, medical, licensed premises, and all other types of commercial premises. Once a suitable party has been sourced, we will issue comprehensive Heads of Terms to solicitors, whilst also obtaining references. We will then manage the process, keeping in constant contact with all relevant parties in the transaction to bring satisfactory completion to the process, swiftly and efficiently. Our experienced & knowledgeable commercial agency department act for a wide variety of clients. Our clients range from Independent Occupiers and Private Individuals to Institutional Property Investment Companies and Funds as well as Local Authorities.

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